<article><a href="https://www.dealstreetasia.com/?s=Niu%20Technologies">Niu Technologies</a>, the Chinese maker of lithium-ion electric scooters backed by <a href="https://www.dealstreetasia.com/?s=GGV%20Capital">GGV Capital</a>, has filed for a $150-million initial public offering in the US as it seeks to tap into the growing demand for its vehicles beyond China.</article>

<a href="https://www.dealstreetasia.com/?s=Niu%20Technologies">Niu Technologies</a>, the Chinese maker of lithium-ion electric scooters backed by <a href="https://www.dealstreetasia.com/?s=GGV%20Capital">GGV Capital</a>, has filed for a $150-million initial public offering in the US as it seeks to tap into the growing demand for its vehicles beyond China.
The company, which sells electric scooters in 27 countries, applied to list its American depositary shares on the Nasdaq under the symbol NIU, and the $150 million registration amount is a placeholder to calculate filing fees.
Founded in 2014, Niu Technologies joins other sellers of smart electric scooters in raising funds to further expand its market beyond home. As of June 30, 2018, the Beijing-based company said it has sold more than 431,500 smart e-scooters in China, Europe, and other countries.
“We provide connectivity solutions and value-added services to our users. Our NIU app synchronizes with the smart e-scooters and communicates with our cloud system. Through the app, our users receive real-time information relating to their smart e-scooters,” the company said.
Niu Technologies raised $20 million in its Series A funding round in June 2015, led by GGV Capital. Jenny Lee of GGV Capital sits on the board of the company.
In its filing with the US SEC, the company identified <a href="https://www.dealstreetasia.com/?s=Credit%20Suisse">Credit Suisse</a> and <a href="https://www.dealstreetasia.com/?s=Citi">Citi</a> as joint book-runners in the offering but it did provide specific financial details in its largely redacted filing.
The company said it intends to use the net proceeds of the offering for upgrade and expansion of its manufacturing facilities, research and development, and distribution network expansion.
&#8220;The primary purposes of this offering are to create a public market for our shares for the benefit of all shareholders, retain talented employees by providing them with equity incentives and obtain additional capital,&#8221; the company said.
Last year, Niu led the Chinese lithium-ion battery-powered electric two-wheeled vehicles market with 26 per cent and 39.5 per cent in terms of sales volume and sales value, respectively. It also ranked third in the European medium-end e-motorcycle market with a market share of 11.1 per cent in terms of sales volume.
According to China Insights Consultancy (CIC), China is the largest market for electric scooters, where sales volume and retail sales value of electric two-wheeled vehicles reached 27 million units and $8 billion in 2017, respectively.
Sales volume and retail sales value of electric two-wheeled vehicles in China are expected to reach 34.9 million units and $13 billion by 2022, respectively, the CIC data showed.
In Southeast Asia, market penetration of electric two-wheeled vehicles is lower than China, indicating a huge market potential for electric two-wheeled vehicles in the region.
The company’s net revenues were Rmb769.4 million ($116.2 million) last year, representing a 116.8 per cent increase from Rmb354.8 million in 2016. For the six months ended June 30, 2018, Niu said, its net revenues were Rmb557.1 million ($84.2 million) from Rmb285.1 million during the same period of 2017.
Its net loss in 2017 totalled Rmb184.7 million ($27.9 million) as compared to Rmb232.7 million in 2016.
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Niu Technologies, the Chinese maker of lithium-ion electric scooters backed by GGV Capital, has filed for an initial public offering in the US as it seeks to tap into the growing demand for its vehicles beyond China.

GGV Capital-backed Chinese e-scooter maker Niu Technologies files for US IPO

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GGV Capital-backed Chinese e-scooter maker Niu Technologies files for US IPO

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